Steer clear of Marang DC Burial Society, regulator warns

Marang DC Burial Society is misleading the public by purporting to be an authorised financial service provider and is collecting premiums from members of the public.

Picture: 123RF

The financial services industry regulator has warned the public to avoid any dealings with Marang DC Burial Society and an individual called Tumi Cholo who claims to be its representative.

Marang DC Burial Society, which has been operating in Hartswater in the Northern Cape, is misleading the public by purporting to be an authorised financial service provider and is collecting premiums from members of the public, says Manasse Malimabe: head of department preliminary assessment of the Financial Sector Conduct Authority (FSCA).

The society is not authorised to give any financial advice and act as an intermediary under the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”).

The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to provide financial services.